November 17, 2017
It’s that time of year again, and as a small business owner you’re thinking about preparing your taxes ready to be filed. Penalties for errors or late filing can be costly, especially for smaller companies, and so getting ahead and preparing your taxes is strongly advised. But what if you don’t have the time to do this yourself, or don’t have the necessary skills and knowledge to prepare your taxes without fear of making a mistake? If this is the case, then you should hire a qualified tax preparer.
Who can best help me to prepare my taxes?
Anyone can help you to prepare your tax return, and they certainly don’t need to be qualified to do so, but rest assured, it certainly helps.
If a friend or relative is being paid to help you prepare your taxes, they must have a 'Preparer Tax ID Number' or PTIN that can only be provided for them by the Inland Revenue Service or IRS.
However, it’s always advisable to seek help with preparing your taxes, from a person or company who are fully qualified and who have extensive knowledge and experience in tax preparation, and this is the only way to be confident that you’ll avoid costly errors and penalties.
What roles, do qualified and registered tax preparation specialists, fulfil?
In fact, tax preparation specialists are required by law to fulfil several different roles, each of which are listed below:
How many types of professional tax preparers are there?
There are 3 types of tax preparers who can help you in a professional capacity, and they are as follows:
Important information about tax preparers:
As the owner of a business, it is you and you alone who must take sole responsibility for the accuracy and completeness of your tax return. While you may not be able to check your return before it is submitted and know if a mistake has been made, this is usually avoided if you employ the services of a qualified and experienced tax preparer.
Always check the credentials of any tax preparer that you are looking to hire; ask for their PTIN and any relevant licenses, such as a CPA license, and ensure that they are current.
Whatever the time of year, taxes are never far from the thoughts of most small business owners, and planning and preparing for them is an all year affair. Many small companies use tax professionals to assist them with their taxes, not only for convenience but for ensuring that their returns are timely and correct, and if you don’t yet have one, perhaps you...
There are, of course, strict penalties in place for those who incorrectly file their tax return, whether it’s a business or personal one, but the IRS will not assess a penalty if it owes you or your business, a refund. You can even claim your refund late by filing an amended tax return within three years, but if you owe money to the IRS and fail to pay...
Tax time comes around with surprising regularity, and when it seems you’ve only just got over the stress of filing in time for the deadline, that time of the year comes around again and our taxes loom over us like a rain cloud.
With the tax reform now in full swing, it’s more important than ever to get your taxes right and to try to understand the changes to the law as...